An announcement came this week from Queensland Premier Campbell Newman at the Keno and Clubs Queensland Awards for Excellence in Brisbane that Australian betting group Tabcorp Holdings Limited will see its Queensland Keno license extended by another 25 years, to 2047.
In return, Tabcorp will pay $20 million to the State to extend the license, which currently expires in 2022, and keep operating Keno in 1,150 hotels, clubs and casinos in Queensland until 2047.
Commenting on this positive development for his company, Tabcorp CEO David Attenborough said: “Tabcorp welcomes the decision by the Queensland Government to extend the Keno licence to 2047. Keno is an important part of Tabcorp’s diverse portfolio. In the first half of the 2013 financial year the Keno business contributed $36.7 million or 16 percent of Tabcorp’s EBITDA. The extension adds further longevity to Tabcorp’s licence structure.
“Tabcorp shares a very substantial part of the benefits of its Queensland Keno operations with the community and other stakeholders, such as hotels and clubs.
“The company’s payment and the ongoing operation of the game will generate returns for the community and for Queensland clubs and hotels, which can be re-invested in facilities and services.”